This is a tst
Children’s Services Department
Town Hall, Wandsworth High Street
London, SW18 2PU
Please ask for/reply to: Angela Cormack
Telephone: 020 8871 7886
Fax: 020 871 5739
Minicom: 020 8871 8275
To: All Schools
Website contributor: Angela Cormack
Date: 22 August 2011
Circular letter 20110822FINmb
reference number SCHOOLS FINANCIAL VALUE STANDARD (SFVS)
Purpose of this Information regarding Schools Financial Value
circular letter Standard (SFVS)
Action required For information and reference
Response by No reminder required - current information
SCHOOLS FINANCIAL VALUE STANDARD (SFVS)
The Schools Financial Value Standard (SFVS) was published on 18 th July 2011
and replaces the Financial Management Standard in Schools (FMSiS).
The standard is a requirement for all local authority maintained schools and must
be carried out annually. The first run through is required by 31 st March 2013 unless
your school did not meet the FMSiS standard in which case the deadline is 31 st
The standard is primarily aimed at governors and consists of 23 questions which
governing bodies should formally discuss with the head teacher and senior staff.
The questions are split into 4 sections and require an answer of Yes, In Part or No.
Director of Children's Services: Paul Robinson
Assistant Director (Planning and Resources): Sarah Harty
1. Yes answers - the comments column should be used to indicate the main
evidence on which the governing body based its answer (there is no prescription
of the level of evidence. The important thing is that governors are confident of their
2. In Part or No answers – the comments column should contain a brief summary
of the position and proposed remedial action.
Section E of the standard is for a summary of any remedial actions and a timetable
for reporting back. Each action must have a specified deadline and the name of
the person responsible.
The governing body may delegate the consideration of the questions to a finance
or other relevant committee, but a detailed report must be provided to the full
governing body and the chair of governors must sign the completed form.
There is no external assessment, however a copy of the signed standard must be
sent to the Council’s Audit section and they will check whether the self-
assessment is in line with their own judgement.
Please note that there is still a requirement for benchmarking of income and
expenditure under the Value for Money section (section C).
The SFVS template together with supporting notes and documentation can be
found at the link below
FMS Trading A/C Manager